My question is: Canadian-specific
QUESTION: I have a mortgage on my primary residence of 120K and the property
is valued at 300K. I have enough room to borrow against the equity in the
property. I also own an incorporated business. I understyand there is a way
I can pay off my mortgage with the business and borrow funds to invest in
the business so that the mortgage interest will be tax deductible. How can
this be done??
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david ingram replies:
goto www.centa.com and read the November 2001 newsletter (top left hand
box). Note, that it is difficult, if not impossible to do if your company is
incorporated and you may need to set it aside for a year or two to rearrange
your affairs.
You will also need a mortgage broker who understands the system. Glen
Kelleway glen at mortgageitright.com just arranged my own mortgage for me and
understands the system.
Also, consider one or more of the Thursday seminars if you are in the Lower
Mainland.
Every Thursday Evening, Fred Snyder of Dundee Wealth Management conducts one
of 17 different financial seminars at his office
Time: 7:00 to 9:30 PM
Date: Every Thursday evening
Place 1764 West Seventh
Vancouver (corner of Burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics always cover mortgage interest as a deduction
other topics - getting the mortgage, estate planning, critical care
insurance, income taxation, differences between stocks and bonds, and
usually one of the most innovative HELOC mortgage offered in Canada from
Manulife Bank
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a
permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show
called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
at
www.600AM.com <http://www.600am.com/>
Call (604) 280-0600 to have your question answered. BC listeners can also
call 1-866-778-0600.
Callers to the show and questioners on this board can also attend the
Thursday Night seminars on finance and making your Canadian Mortgage
Interest deductible.
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
Home office at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 9 AM to 9 PM 7 days a week (please do not fax or phone
outside of those hours as this is a home office)
email to taxman at centa.com <mailto:taxman at centa.com>
www.centa.com <http://www.centa.com/> www.david-ingram.com
<http://www.david-ingram.com/>
Disclaimer: This question has been answered without detailed information or
consultation and is to be regarded only as general comment. Nothing in
this message is or should be construed as advice in any particular
circumstances. No contract exists between the reader and the author and any
and all non-contractual duties are expressly denied. All readers should
obtain formal advice from a competent and appropriately qualified legal
practitioner or tax specialist in connection with personal or business
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this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
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ask international income tax & immigration expert consultant david ingram
from North Vancouver, BC, Canada experts on RRSP RESP IRA 401(K) radio CKBD
600AM 9 AM Sunday mornings on Fred Snyder's IT's YOUR MONEY
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